What are the benefits of Forex trading apps?
In today’s fast-paced world, Forex trading has become a part of everyday business. Forex trading is larger than any other financial markets. Here, financial institutions and large international banks can trade foreign exchange in a decentralized environment. According to the Bank of International Settlements, this global trade is estimated to generate £3.9 billion on an average daily.
Forex trading improves international trade as companies of one country need to complete their transactions in the currency of the countries with which they have trade relations. Forex trading converts international currencies- for example, dollars are exchanged for euros easily and quickly. Many firms and individual investors are entering the forex trading as it has proven to be a profitable investment chance. Though significant experience is required to make lucrative profits in forex trade, it is not difficult for a novice to start trading. With the advent of forex trading software, automation has become a common business practice. The best forex broker has this software available on their websites. Mobile trading is the fastest way to trade currencies and the best mobile trading app is one that can be used to deal in the Forex and provide you with useful information regarding the world of trading. Trading tools like heat maps and daily currency correlations are available on these apps.
Top 3 Forex Broker Comparison
Acorns app: Forex trading made easy
Aimed to bring back the concept of investing whatever amount you could spare, Acorns android trading app has rightly hit the target when it came out with the tagline of ‘Invest your spare change’. With a portfolio of ETFs from up to seven asset classes and an expense ratios average of 0.10%, this mobile platform has made the younger generation efficient in making investments with small amounts. This app has gained the reputation of demystifying the complex and mostly intimidating process of investment for newly turned traders. You can invest as little as $5 into recurring investments or one-time investments for times when you more amount.
Acorns Spend and Found Money are the features that allow you to shop smartly while using your debit card by saving and investing the spare change on your behalf. With Acorns app, you can get the necessary knowledge and the best money advice about forex trading too. Invest in diversified portfolios and maximize returns as your dividends get reinvested automatically by the app’s interface, according to the market shifts. You can get updates regarding prices and stocks and withdraw your profits anytime at nil charges. Created by an economist and winner of the Nobel prize, the app is secured with 256-bit encryption.
ForexTime: Learn and trade
Another mobile trading app which has been making waves in the forex circuit is ForexTime. FXTM presents ForexTime where all the investors can have access to all of their trading tools and analyses. You can also download trading platforms like MT4 from this app. Just log in to open your live or demo account and start trading. With such an easy-to-use interface, the dashboard also offers a quick access menu, ‘Tutorial Mode’ where you can get all the information regarding trading in foreign currencies, majors, exotics, minors and spot metals. You can also contact the customer support team from the app. Use the currency converter calculators and the profit/ pip and keep a tab on the indicators and key events for the financial markets through the calendar.
This android trading app takes the easy-to-use phrase to the next level as you can customize your news feeds, search for news by category, region or keyword and register to attend economic events, educational seminars around the world. Trading apps have to be convenient to use on the go as you might need to update your personal details, photo ID or verify your documents. ForexTime provides all that and much more. You can get information on their new services and trading products, create personal portfolios and follow the trading strategies. Get minute by minute current news and market analysis made by their in-house analysts.
Thinkorswim: Mobile App with a learning center
One of the popular apps for mobile trading, Thinkorswim trading desktop platform, started out as an independent product but was bought by TD Ameritrade in 2009. Now, it is available to be downloaded on Apple and Android mobile devices. Thinkorswim android trading app allows you to access features like stock scanners, data streaming , technical studies, and research reports. According to the best broker comparison, these features and tools are available as premium features in other trading applications, but Thinkorswim makes these accessible to all Ameritrade clients for free.
The best thing about Thinkorswim mobile app is that all the features available in the desktop platform can be found here. This makes it easy to use for frequent or advanced traders, whereas the Trade Architect platform from TD Ameritrade is more suitable for amateur traders. Other features available are the educational resources comprised of a learning center, instructional videos, and online courses. You can connect with other traders using its own chat room and share strategies and tips. PaperMoney is a virtual account that allows the traders to test out strategies and they can finance their accounts and watch streaming news from their smartphones. Thinkorswim gives a tough competition to other players in the market even if it is priced higher than others.
Trade Interceptor: Versatile app
Trade Interceptor is among the best trading apps for mobile devices that provides drawing tools and 160 intelligence indicators along with 14 different advanced chart types. Using this advanced software, it will be much easier for you to track the stocks and best currencies to make your investment. Earlier, this platform was limited to desktops alone, but even as it has been adapted to mobile devices, it has only become more versatile and easier to trade on the app. On mobile devices, you can alternate between quad-screen and split-screen modes as per your convenience and requirement, letting you keep your eyes on several markets simultaneously. Trade Interceptor is a mobile trading app that offers analysis tools and advanced forex trading. The app interface has a smooth touch-enabled functionality that works well for trade management.
Technical analysis toolkit and trading using touch-chart functionality can be accessed using a single-login and the interesting part is that that mobile, desktop and tablet platforms have a similar interface. You can get quotes for indices, FX, precious metals and commodities and stream them in real time. Intelligent trading tools like a trading simulator and trading Intelligence reports are available on the app which you can use in strategy backtesting and to estimate the profit factor. Get alerts on professional news, prices and indicator values that are synced through all your devices. Multilingual customer service access and risk management tool TrendRisk Scanner are the added advantages of this app.
Interactive Brokers: Stable and secure
Interactive Brokers presents IBKR Mobile application, which is a one-stop solution for investors, gives access to stocks, futures, options, forex, and futures options. Traders can get electronic access to various global market destinations. Their SmartRouting technology allows you to search for the best cost available when you order. For optimal execution, your order as a whole or in parts- is dynamically routed and re-routed. You can manage your portfolio data and account balances from your mobile itself.
Interactive Brokers ranks high among the best mobile trading applications around the world in the forex broker comparison. Wherever you are, you can stream real-time data and charts and monitor your trading activity. The market scanners tools give you the updates on the prices in real time. You can use your order ticket instantaneously or transmit orders when you are on the move. You will be notified by email about any updates and new market briefs from IB. IBKR from Interactive Brokers holds the reputation for being the best mobile trading app around as it has the most secure interface system. If you have any queries or if you need information beyond what’s available on the mobile platform, you can connect with the technical and customer service team in an instant.
Robinhood app: Trustworthy and innovative
Robinhood, touted as the best mobile trading app started out as a mobile app for Apple devices that allowed its customers to trade stocks and exchange-traded funds (ETFs) without having to pay a commission. It is now available as a mobile platform even for Android devices offering democratized trading. It is also available in another version as Robinhood Gold app, using which you can invest in more number of companies and increase your buying power. Both these apps have a simple and secure interface that protects your assets and your personal data. Its innovative and approachable design received the prestigious Material Design Award. The app is integrated with popular banks like Chase, Wells Fargo, and Bank of America.
Signing up on Robinhood app is easy with no mandatory account minimum, and you can start trading within minutes and sell and buy stocks, options or ETFs. There is no 3-day wait period when you are using Robinhood Instant Deposits. When you sign up and refer the app to a friend, you’ll both be eligible to receive a free stock worth $500 from Apple, Ford or Sprint. All your investment is commission-free and easily accessible in the mobile trading app. Built with the ease of access for novice traders in mind, it hosts intelligently designed charts. You can customise the newsfeed about price changes, earnings, market data for stocks, options, digital assets, and dividends in real time.
Oanda fxTrade: Fast and reliable
OANDA trading platform offers Oanda fxTrade is an award-winning mobile trading app that provides the investors with tools that can revolutionize the trading process. Both novice traders and professional investors can profit from the app’s platform which gives access to CFDs for international markets, bonds, precious metals, currency pairs, commodities, and indices, in addition to as many as 120 instruments.
Global trading in foreign exchange can become a smoother experience with Oanda fxTrade application with its fast and reliable trade execution. Place orders on the chart, add funds to your account. Manage your risk exposure, monitor account profitability and trade opportunities as you buy, sell, and edit orders on the go. Mobile charts trading gives you a single view access to almost 9 editable charts, 50 technical and eleven drawing tools and 32 overlay indicators.
Multilingual customer support when market is on is a big plus where you can interact with the team to get your queries clarified. Access the notifications on order expiry, global economic events, live prices to trade exotic instruments with no added commission fee, minimum trade size or minimum deposit. You can enjoy zero desk intervention with a simple interface and advanced algorithmic software which enables the investors to access tight spreads and trade lot sizes with multiple sub-accounts. You can customize the chart sizes as per your requirement and trading style and set up the profitability and risk levels.
Conclusion: Zeroing-In On The Most User-Friendly And Trade-Friendly Mobile Trading Apps
Forex trading involves a lot of effort from the investors’ end, which is why a well-rounded trading application is required. Most Forex brokers offer applications on their websites, but if you use a smartphone or a tablet to trade on the go, you need the best apps for mobile. Not all trading apps are efficient and provide all the features.
In our search for the most comprehensive mobile trading platforms, we have come across these great apps. Pick one of these trading platforms which offer spectacular features like incorporated economic calendars which are handy while you are trading your stocks or when you need to study the market trends.
Once you have chosen an app, you can use a step-by-step approach when you are just starting out as an investor. The official websites of these apps, as well as Youtube, offers hundreds of videos explaining their functionality and usage.